Consett steelworks closed with the loss of 3,700 jobs.
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The former steel town of Consett is enjoying a housing boom.
About 400 new houses are now being built in the area every year, according to Derwentside District Council.
The town lost around a fifth of its population when the steelworks closed down over 20 years ago.
Jack Fawcett is the managing director of Project Genesis, which was set up to regenerate the steelworks site and to improve part of the town centre.
He said he believed the town was enjoying a new lease of life.
Mr Fawcett said: "What we have done is used the money raised by the housing on the Genesis land to upgrade the amenities, which I think has made a vast difference.
"We have built now what is Derwentside's largest employer, the International Cuisine site, on the Hownsgill Industrial Estate.
"Since we finished it in 1997, it has been extended again.
"They are employing more than 500 people."